Uber's first quarterly earnings report as a public company tops Wall Street expectations


Uber released its first-quarter earnings on Thursday, its first such report since going public earlier in May. The earnings were slightly above Wall Street’s expectations and in line with the company’s prior guidance.

Here are the important numbers:

  • Adjusted net revenue: $US2.76 billion, versus $US2.75 billion expected
  • Net loss: –$US1.01 billion, versus -$US1 billion expected
  • Adjusted earnings (losses) per share: -$US2.26, versus -$US2.31

Total trips came in at 1.55 billion, in line with the company’s guidance and a 36% increase over the same quarter in 2018. Gross bookings, another closely watched metric for the ride-hailing industry that consists of revenue from Uber services before paying drivers, was $US14.65 billion.

Uber’s “take rate,” the amount of money it counted as revenue after paying drivers, decreased to 18%. In recent years, that fraction of adjusted revenue as a percentage of gross bookings has been as high as 30%.

Most of these numbers were previously reported by Uber in an update to its initial-public-offering filings, which included unaudited first-quarter results.

Shares of Uber were up about 4% following the earnings release, erasing some of its post-IPO losses.

“Earlier this month we took the important step of becoming a public company, and we are now focused on executing our strategy to become a one-stop shop for local transportation and commerce,” CEO Dara Khosrowshahi said in a press release.

“In the first quarter, engagement across our platform was higher than ever, with an average of 17 million trips per day and an annualized gross bookings run-rate of $US59 billion. Our global reach continues to be an important differentiator, and we maintained leadership of the ridesharing category in every region we serve,” he added.

Uber Eats continues to be a quickly growing business area outside the company’s core ride-hailing service.

“We also continue to expand large chain partnerships, including with Starbucks in seven large US cities and international pilot cities,” the company’s press release said. “Our ‘aggregator’ delivery model (restaurants using their own couriers) has been launched in select markets and well-received by restaurant partners of all sizes,” the press release said.

The company will hold a conference call at 4:30 p.m. ET to discuss the quarter with Wall Street analysts.

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